Gold and Silver Prices Hold Ground Despite Rebounding Yields

Gold and silver prices held their ground in late-afternoon U.S. trading on Friday, maintaining weekly gains despite the pressure from rebounding Treasury yields and a stronger dollar.

The price of spot gold stood at $4,382.38 an ounce, up 0.85%, while spot silver traded at $66.13, up 1.58% on the session.

The Federal Reserve's decision to raise the target range for the federal funds rate by 25 basis points to 3.75% to 4.00% this week still weighs heavily on the market, with futures markets pricing a 58% chance of another rate hike in October.

However, lower oil prices have offset some of the pressure, as Brent crude settled at $104.87 a barrel, down 0.93%, and WTI settled at $100.30, down 1.58%.